VanEck Bitcoin ETF HODL Ditches Zero-Sponsor-Fee Status

The VanEck Bitcoin ETF, also known as HODL, has reached the end of its zero-sponsor-fee period. As of July 30, the fund had $1.076 billion in net assets, falling short of the $2.5 billion threshold needed to waive the sponsor fee. This means that after today, investors will be subject to a 0.20% annual sponsor fee.

The waiver's mechanics are designed to incentivize growth, but it appears HODL has not met its target. To put this into perspective, a $10,000 investment would incur an additional $20 per year in fees after the waiver expires. VanEck filed the latest extension on November 25, 2025, replacing an earlier deadline with the July 31 end date.

The fund's net assets have been affected by outflows of $87.6 million across 169 sessions from November 25 through July 30. However, it's essential to note that these outflows do not necessarily indicate investor rejection or predict future performance. Net assets also move with the value of Bitcoin and reflect creations, redemptions, and expenses.